RTTNews | Nov 4, 2021 11:09AM EDT

11:08 Thursday, November 4, 2021 (RTTNews.com) - Shares of Qualcomm Inc. (QCOM) are up more than 11% on Thursday morning after reporting upbeat fourth-quarter results. The company also provided first quarter outlook, better than analysts' view.

Qualcomm reported net income of $2.798 billion or $2.45 per share in the fourth quarter, compared with $2.960 billion or $2.58 per share in the same quarter a year ago.

Excluding items, earnings were $2.55 per share, that beat the average estimate of analysts polled by Thomson Reuters at $2.26 per share.

Revenue for the quarter increased 12% year-over-year to $9.336 billion, helped by smartphone chip sales growth. The consensus estimate was for $8.86 billion.

Looking forward to the first quarter, revenue is expected between $10 billion and $10.8 billion. The consensus estimate stands at $9.7 billion.

Adjusted EPS in the first quarter is expected to be in the range of $2.90 - $3.10. Analysts expect earnings of $2.6 per share for the quarter.

QCOM, currently at $154.85 has traded in the range of $122.16- $167.94 in the last one year.

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